Today, behavioral and cognitive biometrics company BioCatch announced that its BioCatch Mobile solution has exited the beta phase. The low friction biometric solution is designed with mobile banking security in mind, an aspect of mCommerce that can stand to increase adoption of smartphone financial transactions.
BioCatch Mobile is an invisible biometric solution, offering persistent behind-the-scenes authentication without presenting any sort of friction to an authorized user. After a cognitive profile is created, BioCatch Mobile verifies a user’s identity by taking into account factors like right or left handedness, device preference, hand tremors, press-size and hand-eye coordination. Additional factors also include network access, device ID and location.
BioCatch CEO Benny Rosenbaum says, “BioCatch Mobile was developed specifically to assist banks in mitigating the risks associated with the mobile channel, allowing them to add new functionality without admitting new fraud or creating new friction. What makes our solution so unique is the fact it’s completely transparent, works behind the scenes, and yet is far more secure than traditional two-factor authentication as it goes beyond what the user knows or has.”
In May, as reported by our sister site FindBiometrics, BioCatch launched its flagship threat detection solution intended to protect relying parties and their customers from eCommerce fraud.
Behavioral biometric solutions seem novel and new now, but a recent report released by Gartner, Inc., singles out passive biometric analysis as a feature that will start to become much more common in the next three years. According to the report, passive biometric analysis will become a standard feature of at least 30 percent of one-stop fraud detection solutions by 2017. This is a massive amount of growth considering that today that statistic is less than one percent.